NewEnergyNews: DENMARK SETS FIX FOR CAP&TRADE SCAM/

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    Sunday, December 06, 2009

    DENMARK SETS FIX FOR CAP&TRADE SCAM

    Copenhagen summit: Denmark rushes in laws to stop carbon trading scam; Climate change summit host embarrassed as criminals make most of lax laws to pocket VAT on emissions trading
    Ashley Seager, 3 December 2009 (UK Guardian)

    "Europe's flagship carbon trading scheme suffered a blow today as the Danish government was forced to rush an emergency law through parliament to clamp down on a virulent form of VAT fraud.

    "On the eve of the Copenhagen climate talks, which will attract world attention to emissions trading schemes, police and tax investigators across Europe are believed to be investigating hundreds of millions of euros worth of fraud involving carbon quotas originating in Denmark…Since British, French and Dutch governments took similar action in the summer, much of the "carousel" fraud involving carbon credits moved to Denmark, where registration of carbon quotas for the European Emissions Trading Scheme (ETS) is easy and a VAT rate of 25% makes the fraud attractive to international criminals."


    click to enlarge

    "Experts [say] Copenhagen had long been an accident waiting to happen in terms of carousel fraud…The Danish government…did not know how much money it had lost to the fraud but the number is likely to run into hundreds of millions – if not billions – of kroner…[Denmark’s] rules for registration [are] being immediately tightened so anyone applying to trade carbon would face stringent checks.

    "The fraud occurs when a trader of carbon credits in one EU country buys some from another country free of VAT, then sells them on, charging the VAT to the buyer. The seller then disappears without handing the VAT to the taxman…Some criminals re-export the credits, reclaiming VAT as they do so, then re-import them…They can do this repeatedly, reclaiming VAT many times, hence the "carousel" label."


    click to enlarge

    "Britain lost billions of pounds to carousel fraud, mainly on mobile phones, in 2006 and 2007 before the government changed the mobile trade…The Danes have now introduced similar reforms…The news is an embarrassment for the European ETS and for carbon trading generally, which is attracting a growing number of critics.

    "Europe's carbon market is worth about €90bn a year. It is a combination of futures and spot trading and it is the largely unregulated spot market that was targeted this summer…[T]he ETS suffered its first ever drop in trading volumes in the third quarter of this year because the second quarter had been hugely inflated by fraudulent trades going across France's Bluenext exchange. French VAT rules have now changed…"

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